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Closing Bell: KSE-100 Index reports gains for Sixth Consecutive Session; up by 1%

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The KSE-100 index has slowly yet surely pulled out of turbulent waters, opening the week with a very limited participation from investors, the index witnessed its sixth consecutive close in green today. Gaining more than 411 points, the index witnessed around 1 percent gain at today’s close. KSE-100 index after witnessing steep losses during August, has gained upto 5% MoM as political noise takes back bench.

MirpurKhas Sugar Mills MIRKS -3.07%, Faran Sugar Mills Ltd. FRSM +4.99%, Mehran Sugar Mills MRNS +4.70% and Habib Sugar Mills HABSM +2.00% received much attention as NEPRA awarded the upfront tariff for Bagasse Based Co-generation Power Project to their respective subsidiaries.

In the commodities market, with buoyant demand forecasts from International Energy Agency (IEA), Oil prices are holding on their $50 level. Resulting from output cuts by OPEC and non-OPEC members, the oil has been recovering gradually as declining oil revenues have put Oil based economies across Gulf and other regions in deep trouble. Other commodities, Gold and Silver were slightly up during the day as prices of Gold recovered after falling to their lowest levels in weeks. As attention shifts from US and North Korean tensions to the Federal Meeting, the prices declined substantially on Monday. However, the prices for Spot Gold recovered slightly in today’s market activity as Dollar retreats in the international markets, falling 0.3 against Euro.

In other news, Senator Haroon discussed Tax Reforms in the country with UK Minister of Trade and Investment Rt. Hon. Greg Hands while his visit to FBR house on Monday. In an effort to strengthen the system of checks and balances in Financial Industry, National Assembly was informed today that a Committee has been formed to oversee operations of Pakistani Banks in Foreign nations. With SBP Deputy Governor at the helm of the committee, the Assembly was briefed that due to a penalty on HBL, the Government is ensuring that all Pakistani banks operating in Foreign Countries have to be kept in check.

In Corporate news, Popular Islamic Modaraba (PIM), Pak Gulf Leasing Co. (PGLC), 786 Investment (786), 1st Imrooz Modaraba (FIMM), Clover Pakistan (CLOV), Brushane LPG (BPL), Ittehad Chemicals Ltd. (ICL), Grays Leasing Co. Ltd. (GRYL), Baluchistan Wheels Ltd. (BWHL), Suraj Cotton Mills (SURC), D.G. Khan Cement Co. Ltd. (DGKC) and GOC (Pak) Ltd. (GOC) announced financial results for the twelve months period ended June, 30 2017.

Clover Pakistan (CLOV) reported abysmal performance for the reported year, with a decrease of 94.56 percent in Net Revenue and decline in profit by 97.70 percent. Whereas, Ittehad Chemicals (ICL) reported an increase of 10 percent in Net Sales whereas the Profit for the company increased by 40 percent.

D.G. Khan Cement announced FY17 financial results today, Company reported Net Earnings of Rs. 3.47 per Share much lower than industry expectations. The company witnessed an increase of 1.46 percent in Net Sales and reported a decrease of 9.27 in Profit after Tax owing to an increase of 193.52 percent in Finance Costs to fund expansions.

KSE-100 Index at the day gained a total of 411.85 points up by 0.96%, closing at 43253.26 points. Index Volume was 95.14 million shares, value of shares traded was PKR 9.22 billion with index low-high range of 42481.41 – 43297.41.

5 – Gainers of the Day

Symbol

Name

Change

RMPL

Rafhan-Maize Products Ltd.

349.29

NESTLE

Nestle Pakistan

103.33

WYETH

Wyeth Pakistan Ltd.

99.99

SAPT

Sapphire Textiles Ltd.

97.34

BATA

Bata Pakistan

50

 

5 – Losers of the Day

Symbol

Name

Change

COLG

Colgate Palmolive Pak Ltd.

-114

KHTC

Khyber Tobacco Co. Ltd.

-42.49

ABOT

Abbot Laboratories Pak Ltd.

-23.8

ATBA

Atlas Battery Ltd.

-20

HINO

Hinpak Motors Ltd.

-15

 

Volume Leaders

Symbol

Name

Volume

DSL

Dost Steels Ltd.

27,214,000

WTL

WorldCall Telecom Ltd.

16,407,500

TRG

TRG Pakistan

15,427,000

ASL

Aisha Steel Ltd.

10,395,500

PACE

Pace (Pak) Ltd.

9,077,000

PAEL

Pak Elektron Co. Ltd.

7,896,000

FATIMA

Fatima Fertilizer Co. Ltd.

7,120,000

ANL        

Azgard Nine Ltd.

6,828,500

EPCL

Engro Polymer & Chemicals Ltd.

6,489,500

EFERT

Engro Fertilizer Ltd.

5,720,000

Posted on: 2017-09-19T18:02:00+05:00